The Golden Lane Housing Ltd 3.25% fixed rate Bonds due 2031 will pay a fixed rate of interest of 3.25% per annum, payable twice yearly on 22 January and 22 July of each year. The Bonds are expected to mature on 22 July 2031 with a final legal maturity on 22 July 2033.
London Stock Exchange listingGolden Lane Housing
Golden Lane Housing (GLH) has raised investment to enable people with learning disabilities to build independent lives through three separate RCB bond issues. These issues – for £11m, £18m and £15m –were all oversubscribed following various meetings with institutional investors arranged by Allia C&C and strong backing from private investors, including supporters of GLH.
Aligned to UN SDGs
About Golden Lane Housing
Golden Lane Housing works with people with a learning disability to provide supported housing around which they can build their lives. It was established as an independent registered charity by Mencap in 1998 to help tackle the immense challenges that people with a learning disability face in finding a home.
Today it is one of the UK’s leading housing associations for people with disabilities, providing specialist housing and management services to around 1,900 tenants.
Bonds issued
Bond details
Issue date:
22 July 2021
Expected maturity:
22 July 2031
Final legal maturity:
22 July 2033
Amount issued:
£15m
Coupon type:
Fixed
Coupon:
3.25%
Frequency:
Semi-annual
Payment dates:
22 January, 22 July
ISIN:
XS2357539522
SEDOL:
BNT2HQ2
LSE Ticker:
MCP3
Bloomberg ticker:
RCHBLN 3 1/4 07/22/31
Bond documents
The Golden Lane Housing Ltd 3.9% fixed rate Bonds due 2027 will pay a fixed rate of interest of 3.9% per annum, payable twice yearly on 23 May and 23 November of each year. The Bonds are expected to mature on 23 November 2027 with a final legal maturity on 23 November 2029.
London Stock Exchange listingBond details
Issue date:
23 November 2017
Expected maturity:
23 November 2027
Final legal maturity:
23 November 2029
Amount issued:
£18m
Coupon type:
Fixed
Coupon:
3.375%
Frequency:
Semi-annual
Payment dates:
23 May, 23 November
ISIN:
XS1713569629
SEDOL:
BF2DQ81
LSE Ticker:
MCP2
Bloomberg ticker:
RCHBLN 3.9 11/23/2027
Bond documents
The Golden Lane Housing Ltd 4.375% fixed rate Bonds due 2021 paid a fixed rate of interest of 4.375% per annum, payable twice yearly on 29 January and 29 July of each year. The RCB bonds matured on 29 July 2021.
Bond details
Issue date:
29 July 2014
Expected maturity:
29 July 2021
Final legal maturity:
29 July 2023
Amount issued:
£11m
Coupon type:
Fixed
Coupon:
4.375%
Frequency:
Semi-annual
Payment dates:
29 January, 29 July
ISIN:
XS1066485902
SEDOL:
BNBNQS8
LSE Ticker:
MCAP
Bloomberg ticker:
RCHBLN 4.375 07/29/2021
Bond documents
The role of Allia C&C
“The thing that attracted us to issuing bonds through RCB was that it was long-term debt and was listed on the London Stock Exchange, making it more attractive to investors,” says John Verge, Chief Executive of GLH. He recalls how Allia C&C’s expertise and reputation in the financial sector gave them greater access to interested investors.
“Its reputation really provided a route into these institutions, most of whom hadn’t heard of Golden Lane. We would go around with Allia C&C and have face to face conversations with investors, which proved a massive help” John explains.
John notes that, compared to previous issuances, the process was made much more simple by Allia C&C. John recalls a previous unlisted bond issue by GLH in 2003 when the team spent many man hours going out to investors one by one, eventually raising around £2m from 750 investors. By contrast, for each RCB issue Allia C&C arranged a short roadshow with each offer then closing early and oversubscribed in a matter of weeks.
Shared values
The efficiency provided by Allia C&C was invaluable, according to John. He also highlights the importance of shared values between GLH and Allia C&C, who both recognise the importance of investing with impact in mind.
This was part of the thinking when GLH decided to go with Allia C&C a few years ago. “We have always recognised the need for longer-term financial arrangements, but we need them to be the right arrangements,” John says. For example, GLH always want to have ownership of their units, meaning other equity partnerships were not suitable.
Through working with Allia C&C, GLH was able to address its funding need, allowing the organisation to spend more time thinking about how to meet demand from some of the most vulnerable people in society.